Interest is calculated daily based on your end-of-day balance, between 12:00 AM and 1:00 AM, and is credited to your account every day. A 20% withholding tax is applied separately, and both the gross interest earned and the tax deduction will be displayed as separate line items in your transaction history.
Here’s how the interest is calculated:
Daily interest = End-of-day balance × interest rate × (1/365)
Good to know:
- For new accounts, interest starts accruing 24 hours after your first deposit is made.
- No interest is earned on the day of activation.
- On the second day, your interest credit is calculated based on the average end-of-day balance of the first two days.
- From the third day onwards, interest is calculated daily based on your end-of-day balance.